Respond to intimation of past tax demands for faster refund processing, asks IT Dept to taxpayers
ALSO READ: Do I have to file an income tax return (ITR) if I have submitted Form 15G? As per details, around 7.09 crore returns have been filed for income earned in the 2022-23 fiscal. Of these, 6.96 crore ITRs have been verified, of which 6.46 crore returns have been processed as of date, including 2.75 crore refund returns.
"However, there are a few cases in which refunds are due to the taxpayer, but previous demands are outstanding, the department said," the I-T department said in the social media post shared on Saturday. “Accordingly, taxpayers with existing demand(s) in the previous years are being intimated of the same," it added.
According to Section 245(1) of the Income-tax Act, 1961, the department must provide, to taxpayers to make a representation before adjusting the refund against an existing demand. The taxpayer is required to agree, disagree or clarify the status of the demand.
"Accordingly, taxpayers with existing demand(s) in the previous years are being intimated of the same … Taxpayers are requested to avail this opportunity and respond to such intimations to enable cleaning up/reconciliation of pending demands and facilitate timely issue of refunds," it said. With agency inputs."Exciting news! Mint is now on WhatsApp Channels
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